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CDFA Tax Credits Finance Update - July 27, 2021

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Tax Credits Finance Update
July 27, 2021
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Tax Credits Finance Update


Attend the CDFA Advanced Tax Credit Finance Course
The Advanced Tax Credit Course will take a deeper dive into the use and applicability of tax credits. Building on the basic structure of tax credits covered in the Intro to Tax Credit Course expert speakers will discuss details of New Markets Tax Credits (NMTC) and Low- Income Housing Tax Credits (LIHTC) through the lens of all parties and how they come together on a given transaction. Case studies will be presented to illustrate on how tax credits work with other economic development tools such as bonds or loans.

MSHDA Awards $27.9M in Tax Credits for Affordable Housing Development Projects
The Michigan State Housing Development Authority (MSHDA) announced tax credits for affordable housing development projects — its largest in recent history — which will be used to construct new affordable multifamily rental housing and to rehabilitate existing properties for low- to moderate-income Michigan residents.

New York Launches $100M Tax Credit for Theater Revival
New York is launching a new $100 million state tax credit program designed to give a much-needed boost to musical and theater productions and help generate additional tourism income for the city. The $100 million New York City Musical and Theatrical Production Tax Credit is a two-year program designed to support the entertainment and tourism industries in New York City.

Detroit, MI Touts Low-Income Tax Credits Toward $150M in Affordable Housing Projects
Detroit, MI celebrated investments of more than $150 million to add hundreds of affordable housing units across the city with the aid of low-income housing tax credits. Detroit Mayor Mike Duggan gathered with state and city housing officials to discuss $74.5 million in Low Income Housing Tax Credit grants awarded by the Michigan State Housing and Development Authority.

AZ Governor Signs Bill Creating State LIHTC Worth Portion of Federal Credit
Arizona Gov. Doug Ducey signed legislation that creates a state low-income housing tax credit (LIHTC) worth at least 50% of the federal credit. S.B. 1124 sets an annual state LIHTC cap of $4 million. The state LIHTC can be allocated among the partners, members, or shareholders and can be carried forward up to five years.

Family Farm ReGeneration Act Passes Ohio House
By a vote of 96 to 1, the Ohio House passed House Bill 95, which could clear a major hurdle for the next generation of Ohio farmers and provide greater resilience to Ohio's food system. The Family Farm ReGeneration Act will authorize tax credits for those who sell or rent farmland, livestock, buildings, or equipment to beginning farmers. It also provides a credit for beginning farmers who attend a financial management program.

Homeless Hiring Tax Credit Included in 2021-2022 California Budget
The California Homeless Hiring Tax Credit will confront the homelessness crisis facing California, address the job losses stemming from the COVID-19 pandemic that have disproportionately harmed low-income communities, and ease the significant financial strain that many small businesses are currently experiencing. A tax credit between $2,500 and $10,000 per homeless individual hired will create access to meaningful employment and pathways to careers for as many as 3,000 individuals.

Wisconsin Housing and Economic Development Authority Issues $156M Housing Revenue Bond
The Wisconsin Housing and Economic Development Authority (WHEDA) has issued a $156 million Housing Revenue Bond to finance rental housing developments currently in its loan closing pipeline. The bond issuance is expected to help finance 10 developments that will provide more than 800 units of affordable and workforce rental housing in Fitchburg, Madison, Milwaukee, Oregon, Oshkosh, Sturgeon Bay, and Wausau.

LIHTC Agencies Respond to Increased Costs
One of the top real estate headlines this year has been the dramatic rise in the cost of lumber and other construction materials. Developments with low-income housing tax credits (LIHTCs) have the added challenge of a limited ability to increase sources, causing many to face difficult or insurmountable gaps. Effectively the same problem occurred in 2017, although then it was due to a rapid reduction in equity investment.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Unlocking Capital for BIPOC-owned Businesses
Tuesday, August 17, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will be discussing creative financing approaches to minimize barriers and increase access to capital for minority-owned businesses across the country.

CDFA-Bricker PACE Webinar Series: Best Practices for Marketing & Selling PACE Across All Market Sectors
Tuesday, September 29, 2021 - 2:00 PM - 4:00 PM Eastern
Now that the PACE marketplace has been "built", how does it become mainstream so that all property owners know about PACE? This workshop will explore proven methods for marketing and selling PACE to contractors, economic development agencies, commercial real estate professionals, and ultimately the property owner.

More Headlines

Fairstead Rides LIHTC Program Into Kentucky
Real Estate Weekly | Jul. 27 | Access to Capital | Housing Finance | State Finance Program | Tax Credits

Eagle Mill Redevelopment in Lee, MA Receives $16M in Tax Credits for Housing
The Berkshire Edge | Jul. 26 | Access to Capital | Economic Development | Historic Preservation | Housing Finance | Tax Credits

State Housing Agency Supports 36-Unit Project by Antler Stadium in Kerrville, TX
Virtual Builders Exchange | Jul. 26 | Access to Capital | Economic Development | Housing Finance | State Finance Program | Tax Credits

Lease-to-Own Home Ownership: New Affordable Housing Project in Rochester, NY
WROC-TV | Jul. 26 | Access to Capital | Economic Development | Housing Finance | Redevelopment | State Finance Program | Tax Credits

Many in America Are Still Hungry, but Federal Legislation Could Help Combat the Problems
Richmond Times-Dispatch | Jul. 8 | Disaster Recovery & Relief | Food Systems Finance | Incentives | Legislative | Tax Credits | COVID-19

Rural Economic Development Tax Increment Finance Helps Expand a Utah Business
Utah Business | Jul. 8 | Economic Development | Rural Development | State Finance Program | Tax Credits | Tax Increment Finance (TIF)

Enhancing, Expanding Tax Incentives is Key Part of Funding Infrastructure
Novogradac | Jul. 1 | Energy Finance | Federal | Housing Finance | Infrastructure Finance | Tax Credits

MassHousing Closes Approximately $19M in Financing for Transformative Enterprise Center in Downtown Brockton
NCSHA | Jun. 29 | Access to Capital | Housing Finance | Infrastructure Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Maryland DHCD Issues First Sustainability Bonds in Agency's History
NCSHA | Jun. 29 | Bond Finance | Energy Finance | Green Finance | Housing Finance | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

PHFA Now Accepting Bids for Purchase of Mixed-Use Development Tax Credits
NCSHA | Jun. 29 | Access to Capital | Community Development | Housing Finance | State Finance Program | Tax Credits

Louisiana Housing Corporation Board Approves $2.9M of Additional Volume Cap for Multifamily Rental Properties
NCSHA | Jun. 29 | Bond Finance | Housing Finance | Tax Credits | Bond Volume Cap

Federal Tax Credits Awarded to Build Affordable Apartments in Five Vermont Towns
NCSHA | Jun. 29 | Access to Capital | Housing Finance | Tax Credits

Plans Unveiled for Mixed-Use Building in West Hartford, CT
FOX 61 | Jun. 29 | Brownfield Financing | Community Development | Housing Finance | Redevelopment | Tax Credits | Case Studies | Low Income Housing Tax Credits (LIHTCs)

The Wesmont Brings Workforce Housing and Brownfield Cleanup to Indianapolis' Near Eastside
PR Newswire | Jun. 29 | Brownfield Financing | Housing Finance | Opportunity Zones | Redevelopment | Tax Credits | Case Studies | Case Studies

Renew the Federal Brownfield Tax Deduction
National Brownfields Coalition | Jun. 28 | Brownfield Financing | Disaster Recovery & Relief | Federal | Incentives | Legislative | Redevelopment | Tax Credits

Lawmakers Eye Tax Credit in Bipartisan Affordable Housing Bill
Bloomberg | Jun. 26 | Community Development | Housing Finance | Legislative | Rural Development | Social Finance | Tax Credits | Tribal Finance

New Additions to the Online Resource Database

Federal Brownfields Tax Incentive: Case Studies and Impacts
Access to Capital | Brownfield Financing | Federal | Green Finance | Legislative | Redevelopment | Resiliency | Tax Credits
The federal Brownfields Tax Incentive was established by Congress in 1997 and was in place for 14 years but was not renewed by Congress in 2012. The report sponsors are concerned that there was insufficient information about the outstanding success of this program in promoting economic development and cleanup of vacant and abandoned former industrial properties and that this may have contributed to the Congressional decision to discontinue the program. The report is aimed toward filling that information gap.

The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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CDFA National Sponsors

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  • Frost Brown Todd LLP
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  • Stifel Nicolaus
  • The Bond Buyer
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  • Wells Fargo Securities
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